This is a Rockville, Maryland based position
We are looking for a team-oriented professional with extensive experience in real estate acquisitions, both land for development and existing commercial real estate buildings for adaptive re-use. Experience managing acquisitions in the lodging industry strongly preferred, but open to all commercial real estate acquisition backgrounds. This position will join our Real Estate Investment and Asset Management (“REIAM”) team in Rockville, Maryland and will be focused on the oversight of a team of real estate acquisition professionals located both in our Rockville HQ and remotely. This team will source and execute the acquisition of land and existing commercial buildings that will be developed into Cambria, WoodSpring, Comfort or other Choice branded hotels. This role will be critical for Choice Hotels in executing its strategy to position its branded hotels as outstanding value creators for our owners and development partners. Choice has committed a significant amount of capital and resources into insuring Cambria, WoodSpring and its other brands continue to grow and gain market share in a competitive market landscape.
This role will oversee a team of six (6) Real Estate Acquisition Directors, located in both Rockville and remotely throughout the US, whose primarily role will be to source, evaluate, underwrite, negotiate, and close on real estate opportunities that will fit one of the several strategies Choice is currently deploying. These real estate opportunities will usually take the form of raw land, land with a current obsolescent use, or an existing building appropriate for adaptive re-use. This position will act as player/coach at first, with a responsibility to insure all regions and uses are being served and that the pipeline of opportunities for each brand is full. The role requires proven ability to work in a highly collaborative manner with cross-functional teams and external partners, a demonstrated ability to communicate effectively and work efficiently with senior executives, deep subject matter expertise in real estate acquisitions, deep subject matter expertise in real estate land valuation, and the ability to lead a high functioning team. The role will be responsible for:
- In collaboration with REIAM leadership, review and refine the acquisitions strategy for the Choice brands served
- Leadership, management, coaching, etc. of all Real Estate Acquisitions Directors
- Front end review of potential site acquisitions
- Oversight of initial underwriting and valuation of land or buildings
- Issuing term sheets and LOIs
- Negotiating LOI and terms sheet terms and conditions
- Tracking contractual milestones and communicating across the organization
- Assisting in the oversight of land site due diligence
- Reviewing predevelopment, development and construction budgets
- Review of market specific entitlement requirements
- Relationship management with brokerage community
- In collaboration with the sales organization within Choice, presenting development opportunities to potential partners and developers
- Monitoring markets / submarkets (demographics, supply and demand, demand drivers, recent transactions etc.)
- Completing periodic market visits
- Close collaboration with the Brand, Franchise Sales, Finance, and Legal groups at Choice Hotels
The REIAM team is responsible for all segments of the real estate life cycle: acquisitions, capital structuring, underwriting, negotiations, internal approvals, documentation, deployment, asset management, capital recycling and workouts. We manage global capital deployment to fuel the growth of select Choice brands. This role reports to the Vice President of the REIAM group.
Who you will be…
- 7+ years of progressive experience in real estate, preferably in the hotel sector, with a strong preference for prior land acquisitions, development, and investment experience.
- Experience in real estate transaction structuring and understanding of real estate risk management
- Demonstrated ability to manage a team of high performers, comfortable as a servant leader who can hold teams accountable
- Demonstrated success operating in in a collaborative team environment
- Strong financial background and experience, including creating basic financial models
- Business-driven, results-oriented team player
- Strategic thinking and creative problem solving mindset
- Targeted travel will range from 30% - 50%
- Brokerage / Sales
- Hospitality / Entertainment
7+ to 10 years
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